Pinterest’s CEO resigns, Google chief to take over in e-commerce

Pinterest said longtime CEO Ben Silbermann would step down and leave the reins of the social media platform to Google’s chief marketing officer Bill Ready.

The news sent the company̵[ads1]7;s shares 9% higher in expanded trading on Tuesday, underscoring a shift in focus at Pinterest to e-commerce initiatives from its advertising-based business model.

In Ready, 42, the company gets a leader who for the past two years conducted trade and payment operations at the Alphabet Inc-owned search giant. Ready has also held senior management roles at PayPal.

His appointment concludes Silbermann’s 12-year term as CEO, which began when he co-founded the company in 2010. Pinterest has grown rapidly since then and now has more than 430 million monthly active users.

Silbermann, 39, will take up the newly created role of CEO and retain his board seat, while Ready will also join the board, the company said.

Ready will receive an annual salary of $ 400,000 and be eligible for a share option allotment to purchase approximately 8.6 million Class A shares.

“In our next chapter, we focus on helping Pinners buy, try and shop for all the great ideas they see,” said Silbermann.

“Bill is a good leader for this transition,” he added.